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Thread: Sycamore tree

  1. #81

    Default Dealyed completion again?

    The last time we heard from the developer was that they are targetting TOP by 1Q 2018.......the date is looming really close.

    What happens if TOP is still delayed yet again?

  2. #82
    Join Date
    Nov 2008
    Posts
    2,404

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    Looking at the state, I don't think it will be 2018 Q1. I pass by that stretch very often. There is practically no one working there.

  3. #83

    Default We can only wait?

    Quote Originally Posted by thomastansb View Post
    Looking at the state, I don't think it will be 2018 Q1. I pass by that stretch very often. There is practically no one working there.
    So we can only keep waiting? What happens if they take forever to finish the project?

  4. #84

    Default

    Same victims here......but different project https://forums.hardwarezone.com.sg/h...p-5812052.html

  5. #85
    Join Date
    May 2012
    Posts
    3,920

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    Quote Originally Posted by Kenji_Yamato View Post
    Same victims here......but different project https://forums.hardwarezone.com.sg/h...p-5812052.html
    Could be same project as well.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  6. #86

    Default

    Hi,
    Can I checked if anyone bought a unit in sycamore tree recently? What happens if developer fails to complete the project and they file for bankruptcy? Wise to buy a unit now given that they are supposed to TOP in August?

  7. #87

    Default

    Quote Originally Posted by wlwong View Post
    Hi,
    Can I checked if anyone bought a unit in sycamore tree recently? What happens if developer fails to complete the project and they file for bankruptcy? Wise to buy a unit now given that they are supposed to TOP in August?
    One bird in hand is better than two in the bushes.

  8. #88
    Join Date
    Nov 2008
    Posts
    2,404

    Default

    Why would anyone buy a unit there now? That project has not made any progress for years. It was launched in 2011. A project of that size would have TOP in 2013/2014. Now is 2018, you still want to bet that it will be done in 2 months? I drive around there often and I can tell you there is no progress at all and it is at least 1 year away from completion even if they start work today. There is no workers that I can see either.



    Quote Originally Posted by wlwong View Post
    Hi,
    Can I checked if anyone bought a unit in sycamore tree recently? What happens if developer fails to complete the project and they file for bankruptcy? Wise to buy a unit now given that they are supposed to TOP in August?

  9. #89
    Join Date
    Dec 2008
    Posts
    3,719

    Default

    I am sure Straits Times will be interested in a story.

  10. #90

    Default

    It is not possible to buy a unit there there is a court injunction on the development of there is any buying or selling done it is illegal for all the owner Do pm me I hope to tell you all about the developer

  11. #91

    Default

    Last time people tell me need to buy from the good developer, I don't really believe now I do scary.......

    Developer - Astoria Development Pte Ltd

    https://www.kcl.com.sg/portfolio/sycamore-tree/

    About KCL
    Established in 2011, KCL Consultants Pte Ltd Licensed Corporation under the Professional Engineer (PE) Act. We also registered under the Public Sector Panels of Consultants (PSPC) CS01 and accredited under ISO 9001 : 2015 and ISO 14001 : 2015.

    KCL Consultants Pte Ltd is a multi-disciplinary engineering consultancy specialising in provide Civil, Geotechnical Engineering, Precast Design and Coastal Engineering Consultancy Services. Our mission is to provide quality consulting engineering services with innovation and the use of new technologies as appropriate to assist our clients in implementing their projects in a cost-effective and efficient manner.

    Our team are dedicated to provide quality and well thought-out designs to deliver exceptional and sustainable outcomes. High numbers of returning customers and client recommendations indicates we deliver what we promised and is a testament to the quality of our work.

    For the past few years, we have successfully completed numerous large and prestigious projects locally and regionally such as Malaysia, Cambodia, Myanmar and Maldives.

    Associate and branch office are set up to serve our client better.

    KCL Consultants (M) Pte Ltd
    KCL International Pte Ltd
    重庆星恒建筑咨询有限公司
    星乐国际工程咨询(深圳)有限公司

    No end in sight for buyers of 2 new condos; still under construction despite 2016 TOP

    Sycamore Tree and Laurel Tree due to get TOP in 2016, but still under construction

    https://www.straitstimes.com/singapo...f-2-new-condos

    for full detail whatsapp 87821025

  12. #92

    Default

    I think all owners of Sycamore Tree should band together and discuss. Is there a whatsapp or Telegram group that owners can join to discuss already? If not, I think we should start one asap.

  13. #93

    Default

    Attached PDF file is the Supreme court judgement dated 10 Oct 2018. Basically, the various appeals by Astoria Development were turned down, meaning the creditors won. It was mentioned that Astoria has $15 millions in loans made out to a related company in Malaysia. No wonder they have no money to complete the project. Are they allowed to just transfer away money to another company in another country?
    Attached Files Attached Files

  14. #94

    Default

    https://www.supremecourt.gov.sg/docs...-final-pdf.pdf

    65 In summary, I allow the appeal in RA 79 in part and reduce the amount
    of summary judgment to $2,088,951.43 on account of the agreed double claim
    to the extent of $880,000 in the original judgment debt. I dismiss the appeal in
    RA 80, and amend AR Li’s order with respect to the date of payment of the
    conditional leave sum to 16 August 2018, 4.00pm. Finally, I dismiss the appeal
    in RA 122, and amend AR Khng’s order with respect to the date of payment of
    the conditional leave sum to 16 August 2018, 4.00pm. Additionally, it is agreed
    by consent that para 3 of AR Khng’s order be amended to:
    3. If the condition set out above at Paragraph 1 is not
    satisfied, then the Plaintiffs shall be entitled to enter judgment:-
    (a) against the 1st Defendant, 2nd Defendant and 4th
    Defendant for sum of S$4,912,199.65 and costs of $20,000.00
    (inclusive of disbursements) in joint and several liability; and
    (b) against the 3rd Defendant for the sum of $2,000,00.00 and
    costs of $20,000.00 (inclusive of disbursements) in joint and
    several liability with the 1st Defendant.
    66 As for costs, I order the costs of RA 79 inclusive of disbursements to be
    fixed at $7,000 to be paid by the Defendants to the Plaintiffs, and costs of and
    consequential to the amendment of the defence to be fixed at $1,500 to be paid
    by the Defendants to the Plaintiffs. The costs of RA 80 inclusive of
    disbursements are to be fixed at $7,000 to be paid by the Defendants to the
    Plaintiffs, and costs of and consequential to the amendment of the defence to be
    fixed at $1,500 to be paid by the Defendants to the Plaintiffs. Finally, the costs
    of RA 122 inclusive of disbursements are to be fixed at $9,000 to be paid by the
    Defendants to the Plaintiffs.

  15. #95

    Default

    ASTORIA DEVELOPMENT PTE. LTD.
    71 LORONG 23 GEYLANG
    #06-01 THK INDUSTRIAL BUILDING
    SINGAPORE, 388386 Singapore
    +65-67412422
    Company Type: Independent

  16. #96

    Default

    List of Employers Convicted under the Central Provident Fund Act (12 September 2016 - 16 September 2018)

    https://www.mom.gov.sg/~/media/mom/d...-act.pdf?la=en

  17. #97

  18. #98

    Default

    These cases are far and few between. However if you buy into small developments, it is always better to look for more established ones. That thinking sort of put my brakes on for Singapore-Johore Express at Kallang Riverside. I hope there is a resolution to this soon. Bad stain on the PP market.

  19. #99

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    In May 2012, Ms Emmeline Ho's parents bought a studio apartment at the Sycamore Tree condominium in Joo Chiat, due to be completed by end-2016, on her recommendation.

    Her parents, who are in their 60s and run a drinks stall at Old Airport Road Food Centre, invested most of their life savings into the unit.

    It is almost 350 sq ft and cost nearly $500,000. Since then, Ms Ho, 34, who does administrative work in a finance company, has regretted her advice to them.

    The project, which was supposed to obtain its Temporary Occupation Permit (TOP) by Dec 31, 2016, has been delayed.

    "I had thought that since (the developer) is a Singapore-registered company, it should be one that I can trust," said Ms Ho.

    "Almost every fortnight, we will go down to check on the construction. My parents are very anxious. This is their investment. It was going to be their source of income." Her parents had been hoping to rent out the unit.

    Ms Ho's parents are among a small group who bought units in new projects that faced delays in completion.

    Such cases are very uncommon, property lawyers tell The Straits Times, as developers typically have to complete by a certain deadline to avoid getting into trouble with their lenders.

    They say developers also want to avoid compensating home buyers liquidated damages - which are calculated daily - for delays.

    Ms Ho said she heard little from Astoria Development over the cause of delay for Sycamore Tree, which has 96 residential units and 17 shop units, until June this year, when she received a letter.

    In the letter seen by ST, Astoria wrote that the delay was due to changes in its construction methods and a dispute between the project's contractors over the installation of a mechanised carpark system.

    On a visit last month, the project looked partially completed, with scaffolding and blue tarpaulin draped over much of the building.

    Buyers at the 70-unit Laurel Tree condominium project in Hillview Terrace also face an uncertain future. Laurel Tree was also due to obtain its TOP by December 2016, but construction has yet to be completed.

    Buyers said the project's developer, Lerida, has not given any explanations for the delay.

    Checks by ST showed that the project's main contractor, Bravo Building Construction, is facing a winding-up application by a creditor at the High Court this month.

    This means it could be dissolved, and the developer might have to look for another main contractor to take over.

    Hard to get updates from developers, say buyers

    Accounting and Corporate Regulatory Authority checks found that Astoria, Lerida and Bravo have the same company secretary and major shareholder.

    Close to 40 Laurel Tree buyers have banded together to share information in a WhatsApp group.

    Some buyers said Lerida had agreed to give monthly progress reports after a meeting in May, but has not done so since August.

    A 40-year-old home buyer who works in sales said he has to continue renting a room for $500 a month while waiting for his 463 sq ft unit - his first property - to be completed.

    He bought it in 2013 for about $600,000, and has since paid off about 60 per cent of the loan.

    "I feel very frustrated and helpless," said the man who declined to be named.

    The Urban Redevelopment Authority (URA) said the Controller of Housing - which administers regulations related to developers, among other property issues - has received feedback from several buyers on the Sycamore Tree and Laurel Tree projects.

    A URA spokesman said it has asked the developers to update the buyers on the progress.

    Laurel Tree home buyers said selling their units is not an option, as prospective buyers would want to inspect completed units. They might also incur losses if they sell now.

    Real estate lawyer Subra M. Suppiah said that while the authorities might look into the issue, it is ultimately between the buyers and developers, adding that buyers are the agreeing party in the contract after all.

    "If the delay continues indefinitely, affected buyers might have to turn to the court to seek legal redress," he said.

    Ms Ho said she has tried to get answers from Astoria and its law firm for over two years.

    But one party would refer her to the other or to the letters they sent out, Ms Ho claimed. "I felt like a ball being bounced between the parties," she added.

    Astoria's latest letter to Ms Ho on Sept 21 said the TOP would be obtained by end-December.

    The management of Astoria, Lerida and Bravo have not responded to queries despite multiple attempts to reach them over three weeks.


    These things because of the contracts and nature of the business have little hope. All developers for every single project register a new company and this will be the liable party and if it goes into liquidation, the developers assets and main company is protected and not the buyers.

    The only things going for the buyers is that the developer has sunk cost from land leased or bought and need a return so eventually it will come thru. The other is the progress payments would have stopped.

    https://forums.hardwarezone.com.sg/e...5919370-4.html

  20. #100

    Default

    Quote Originally Posted by PropVestor View Post
    These cases are far and few between. However if you buy into small developments, it is always better to look for more established ones. That thinking sort of put my brakes on for Singapore-Johore Express at Kallang Riverside. I hope there is a resolution to this soon. Bad stain on the PP market.
    Big one also have, Graandlink Square is one of them.

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